Multifamily unit completions saw their highest level since 1986 in 2024 with 608,000 units.

 

In the South there were 292,000 completions in 2024 with 48%, the West had 27% with 163,000, the Midwest saw 87,000 or 14%, and the Northeast had 68,000 with 11%.

Further, according to the National Association of Home Builders (NAHB), of the multifamily completions 95% - or 580,000 units - were built for rental use and of those 55% were in high-density situations.